Evolution of Business Ethics
Coeckelbergh: pp. 1-29), detail your comparison of Adam Smith’s ethics of capitalism with current general U.S. employment and labor issues. How does the promise of AI potentially intersect with these issues?
How does the Ethical Systems Model create a high integrity work culture? Why or why not?
Sample Answer
Adam Smith’s Ethics of Capitalism:
- Invisible Hand: Individuals pursuing their own self-interest, guided by the “invisible hand” of the market, can lead to the greater good of society through increased efficiency and wealth creation.
- Fair Competition: A level playing field is crucial for ensuring fair outcomes and preventing monopolies or undue advantage for any individual or group.
- Moral Sentiments: Individuals possess innate moral instincts, such as empathy and sympathy, that can mitigate self-interest and promote ethical behavior.